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ATI to Build Additive Manufacturing Facility for U.S. Navy
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ATI Inc. (ATI - Free Report) has secured a contract from Bechtel Plant Machinery Inc. (BPMI) to assist in the development of highly specialized component solutions in support of the U.S. Naval Nuclear Propulsion Program. To fulfill this contract, which demands cutting-edge manufacturing methods, including metal additive manufacturing, ATI is set to establish a dedicated additive manufacturing facility near Fort Lauderdale, FL.
ATI is bringing its extensive experience as a global provider of high-performance materials and solutions to aerospace and defense additive manufacturing in this project. ATI's Additive Manufacturing Products division will encompass advanced large-scale metal additive manufacturing, heat treatment processes, machining capabilities, and comprehensive quality inspection procedures, all housed within a secure facility. This facility is designed with room for expansion as ATI continues to advance its additive manufacturing technologies for assembling finished components.
This collaboration represents the fusion of ATI Forged Products' proficiency in crafting critical machined forgings and ATI Specialty Materials' leadership in powder alloy technology. By establishing this facility, ATI is poised to optimize its capacity to provide advanced additively manufactured materials and components, which will significantly contribute to the defense industry. The growing demand from customers for more resilient and versatile materials and components, coupled with a commitment to ecological sustainability, will be met by this facility. Its anticipated commencement of operations is set for mid-2024.
Within this single facility, cutting-edge additives and advanced manufacturing techniques will seamlessly blend with ATI's innovative powder alloys. Drawing from decades of experience delivering solutions that empower and safeguard, ATI noted it is well-positioned to usher in the next era of manufactured components.
ATI reported adjusted earnings of 59 cents per share in the second quarter, indicating a 9% increase from the same period last year, surpassing the Zacks Consensus Estimate of 55 cents. Although the company's net sales for the quarter of $1,046 million fell slightly below the Zacks Consensus Estimate of $1,046.3 million, they still demonstrated a 9% growth compared to the previous year's quarter.
Despite challenges such as lower deliveries of nickel-based alloys and precision rolled strip products, ATI managed to offset some of the impact through increased margins in its High-Performance Materials & Components segment. Furthermore, the successful restart of the titanium melt shop in Albany, OR, and ongoing expansion efforts in Richland, WA, position ATI favorably to capture market opportunities. The company is confident in its ability to deliver results in 2023 and beyond while staying committed to executing its long-term strategy.
The earnings estimate for Carpenter Technology’s current year is pegged at $3.48, indicating a year-over-year growth of 205%. CRS beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 10%. The company’s shares have rallied 59.4% in the past year.
The consensus estimate for Akzo Nobel’s current-year earnings is pegged at $1.44, indicating a year-over-year growth of 67.4%. In the past 60 days, AKZOY’s current-year earnings estimate has been revised upward by 2.9%. The company’s shares have rallied 20.6% in the past year.
The consensus estimate for Hawkins’ current-year earnings is pegged at $3.40, indicating a year-over-year growth of 18.9%. HWKN beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 25.6%. The company’s shares have rallied 56.7% in the past year.
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ATI to Build Additive Manufacturing Facility for U.S. Navy
ATI Inc. (ATI - Free Report) has secured a contract from Bechtel Plant Machinery Inc. (BPMI) to assist in the development of highly specialized component solutions in support of the U.S. Naval Nuclear Propulsion Program. To fulfill this contract, which demands cutting-edge manufacturing methods, including metal additive manufacturing, ATI is set to establish a dedicated additive manufacturing facility near Fort Lauderdale, FL.
ATI is bringing its extensive experience as a global provider of high-performance materials and solutions to aerospace and defense additive manufacturing in this project. ATI's Additive Manufacturing Products division will encompass advanced large-scale metal additive manufacturing, heat treatment processes, machining capabilities, and comprehensive quality inspection procedures, all housed within a secure facility. This facility is designed with room for expansion as ATI continues to advance its additive manufacturing technologies for assembling finished components.
This collaboration represents the fusion of ATI Forged Products' proficiency in crafting critical machined forgings and ATI Specialty Materials' leadership in powder alloy technology. By establishing this facility, ATI is poised to optimize its capacity to provide advanced additively manufactured materials and components, which will significantly contribute to the defense industry. The growing demand from customers for more resilient and versatile materials and components, coupled with a commitment to ecological sustainability, will be met by this facility. Its anticipated commencement of operations is set for mid-2024.
Within this single facility, cutting-edge additives and advanced manufacturing techniques will seamlessly blend with ATI's innovative powder alloys. Drawing from decades of experience delivering solutions that empower and safeguard, ATI noted it is well-positioned to usher in the next era of manufactured components.
ATI reported adjusted earnings of 59 cents per share in the second quarter, indicating a 9% increase from the same period last year, surpassing the Zacks Consensus Estimate of 55 cents. Although the company's net sales for the quarter of $1,046 million fell slightly below the Zacks Consensus Estimate of $1,046.3 million, they still demonstrated a 9% growth compared to the previous year's quarter.
Despite challenges such as lower deliveries of nickel-based alloys and precision rolled strip products, ATI managed to offset some of the impact through increased margins in its High-Performance Materials & Components segment. Furthermore, the successful restart of the titanium melt shop in Albany, OR, and ongoing expansion efforts in Richland, WA, position ATI favorably to capture market opportunities. The company is confident in its ability to deliver results in 2023 and beyond while staying committed to executing its long-term strategy.
ATI Inc. Price and Consensus
ATI Inc. price-consensus-chart | ATI Inc. Quote
Zacks Rank & Key Picks
ATI currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) , Akzo Nobel N.V. (AKZOY - Free Report) and Hawkins, Inc. (HWKN - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The earnings estimate for Carpenter Technology’s current year is pegged at $3.48, indicating a year-over-year growth of 205%. CRS beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 10%. The company’s shares have rallied 59.4% in the past year.
The consensus estimate for Akzo Nobel’s current-year earnings is pegged at $1.44, indicating a year-over-year growth of 67.4%. In the past 60 days, AKZOY’s current-year earnings estimate has been revised upward by 2.9%. The company’s shares have rallied 20.6% in the past year.
The consensus estimate for Hawkins’ current-year earnings is pegged at $3.40, indicating a year-over-year growth of 18.9%. HWKN beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 25.6%. The company’s shares have rallied 56.7% in the past year.